Big data has been all the talk for the past few years, but who is actually using it today?
The road to applying big data can be a tedious one, but with the right tools, teams, and strategies, big data can provide quite the competitive edge.
In this roundup, we look at the different ways big data is being used across a variety of industries.
Click on one of the industries below to see how big data is being used and which companies are applying it:
The media and entertainment industry will generate an estimated $2.2 trillion in revenue by 2021. This is because the digitization of media and entertainment have brought more ways to consume content, but also a wealth of big data is being generated every day from these channels.
How big data is used in media and entertainment
Analyzing big data is crucial to generating more revenue and providing personalized experiences in this digitally-driven industry. Here are a few ways big data is being applied in media and entertainment today:
Big data has fundamentally changed the finance industry, particularly stock trading. The introduction of quantitative analysis models has marked a shift from manual trading to trading backed by technology.
The first adopters of this technology were large financial institutions and hedge funds. Now, quantitative models have become the standard.
These models analyze big data to predict outcomes of certain events in the financial world, make accurate enter/exit trade decisions, minimize risk using machine learning, and even gauge market sentiment using opinion mining.
The ability to improve quality of life, provide hyper-personalized patient treatment, and discover medical breakthroughs makes the healthcare industry a perfect candidate for big data. As a matter of fact, the healthcare industry is one of the largest recent adopters of big data analytics.
How big data is used in healthcare
In healthcare, it’s not about increasing profits or finding new product opportunities, it’s about analyzing and applying big data in a patient-centric way. There are already many great examples of this today:
Modern learning supported by technology is moving away from what we “think” works and more toward what we “know” works. Through big data, educators are able to craft more personalized learning models instead of relying on standardized, one-size-fits-all frameworks.
Big data is helping schools understand the unique needs of students by blending traditional learning environments with online environments. This allows educators to track the progress of their students and identify gaps in the learning process.
As a matter of fact, big data is already being used on some college campuses to reduce dropout rates by identifying risk factors in students who are falling behind in their classes.
The retail industry has gone digital, and customers expect a seamless experience from online to brick and mortar. Big data analytics allows retail companies to provide a variety of services and understand more about their customers.
How big data is used in retail
You’ll find that some of the use cases of big data in retail closely mimic those of media and entertainment. But in retail, it’s a bit more focused on the full customer lifecycle.
Supply chain management and big data go hand-in-hand, which is why manufacturing is one of the top industries to benefit from the use of big data.
Monitoring the performance of production sites is more efficient with big data analytics. The use of analytics is also extremely useful for quality control, especially in large-scale manufacturing projects.
Big data analytics plays a key role in tracking and managing overhead and logistics across multiple sites. For example, being able to accurately measure the cost of shop floor tasks can help reduce labor costs.
Then there’s predictive analytics software, which uses big data from sensors attached to manufacturing equipment. Early detection of equipment malfunctions can save sites from costly repairs capable of paralyzing production.
Revenue from the big data market is currently on track to reach $260 billion by 2022, and it’s not just the enterprise players who will reap the benefits of big data.
Businesses of all sizes across all industries will look to capture and analyze big data to increase profits, forecast trends more accurately, find new product/service opportunities, and so much more.
Keep your finger on the tech pulse. See why these 8 big data technologies will play a key role in the coming years.
Devin is a Content Marketing Specialist at G2 Crowd writing about data, analytics, and digital marketing. Prior to G2, he helped scale early-stage startups out of Chicago's booming tech scene. Outside of work, he enjoys watching his beloved Cubs, playing baseball, and gaming. (he/him/his)
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